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The automotive speed limiter is a safety device that prevents a vehicle from travelling over a certain speed which is set by the driver. It mainly helps the driver to relieve from the need to continuous checking of the speed and restricts an ability to surpass the specific speed limit. Different types of speed limiters include intelligent speed limiter and adjustable speed limiter. The global automotive speed limiter market players are continuously introducing the advanced and compact speed limiters that are connected to a camera to improve the safety of the vehicle. This factor primarily drives growth of the market.
The market for automotive speed limiter is expected to reach rise at a CAGR of 10.3 percent during the forecast period. The rising demand to maintain a safe road along with the enhanced driver comfort fuels growth of the automotive speed limiter market.
Mainly the human errors causes the accidents; however, the main cause of these accidents are vehicle distraction while driving, over speeding, non-adherence to traffic signals, driving after consuming alcohol, and poor lane discipline. Though, excessive speed of the vehicle is the major factor for road accidents. Thus need to maintain a safe road fuels growth in demand for the vehicle speed limiter systems. In addition to this, the factors such as increase in fuel costs; a flourishing passenger cars market across the globe; and easy & quick installation of automotive speed limiters fuels growth of the global automotive speed limiter market.
However, the fact that the automotive speed limiter is very cost-infusive and overdependence on technology may hamper growth of the market to some extent during forecast period. On the other hand, factors such as high imposition as well as acceptance of fines over speed violations and emergence of intelligent automotive speed limiter creates lucrative growth opportunities for the market.
Throughout the forecast period, passenger vehicle will continue to hold a dominant share of the global market, on the basis of vehicle type. This is due to upsurge in demand for high engine power vehicles and SUVs (sport utility vehicle). However, the commercial vehicle segment is anticipated to witness highest growth rate during the forecast period. This is attributed to the ongoing mandates by the governments around the globe to make speed limiters compulsory for commercial vehicles and its acceptance by transport businesses. For instance, in March 2021, American Trucking Associations (ATA) and Road Safe America, a safety group collaborated to send a letter to the Department of Transportation to support the guidelines for speed limiters.
According to the sales channel, the OEM segment is expected to hold a dominant share of the global market. Demand from consumers, government mandate, and the road traffic accidents have pushed the OEMs to offer the speed limiters in their vehicles. Consequently, the segment is also projected to grow at highest growth rate, which in turn propels the automotive speed limiter market in the upcoming years.
AUTOMOTIVE SPEED LIMITER MARKET SEGMENTATION:
By Vehicle Type
By Sales Channel:
North America is likely to be the most profitable region throughout forecast period. Regulatory bodies in this region are actively planning to make automotive speed limiters mandatory for heavy duty commercial vehicles. In addition to this, Europe is one of the leading market due to rising efforts by governments across the EU to make speed limiters compulsory. For instance, in March 2019, the EU introduced rule that makes speed limiters mandatory for all vehicles sold in Europe from 2022. The rule is also welcomed by the European Transport Safety Council. As per the European Transport Safety Council (ETSC) the automotive limiters would reduce collisions by 30%, and may save about 25,000 lives in 15 years.
On the contrary, the substantial disposable income of the public in several countries across the Middle East has led to the rising demand for luxury vehicles, further encouraging demand for automotive speed limiters.
Further, Asia-Pacific region is expected to witness highest growth rate during the forecast period. This is attributed to the factors such as the presence of key automotive manufacturers and rise in adoption of advanced automotive technologies. In addition, the government of India is actively regulating the use of automotive speed limiters to control speeding and reduce associated accidents. Also, Singapore as well as other ASEAN countries are anticipated to observe surge in the adoption of automotive speed limiter during the forecast period years. Furthermore, Latin America region is expected to strengthen the usage of automotive speed limiters in the upcoming years; this is opportunistic for the market growth.
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